Rexford Industrial Realty (REXR) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Rexford Industrial Realty (NYSE:REXR) from a hold rating to a buy rating in a research report report published on Thursday morning. The brokerage currently has $33.00 price objective on the real estate investment trust’s stock.
According to Zacks, “Rexford Industrial Realty, Inc. is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. Rexford Industrial Realty, Inc. is based in Los Angeles, California. “
A number of other brokerages have also recently commented on REXR. National Securities reissued a buy rating and set a $34.00 target price on shares of Rexford Industrial Realty in a report on Monday, November 27th. JPMorgan Chase & Co. cut Rexford Industrial Realty from a neutral rating to an underweight rating and set a $29.00 target price for the company. in a report on Friday, December 15th. Citigroup increased their target price on Rexford Industrial Realty from $28.50 to $30.00 and gave the company a neutral rating in a report on Tuesday, October 17th. B. Riley reissued a neutral rating on shares of Rexford Industrial Realty in a report on Tuesday, November 7th. Finally, BidaskClub upgraded Rexford Industrial Realty from a hold rating to a buy rating in a research report on Saturday, November 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of Buy and an average target price of $30.78.
Rexford Industrial Realty (NYSE:REXR) last announced its earnings results on Tuesday, October 31st. The real estate investment trust reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.01. Rexford Industrial Realty had a return on equity of 3.39% and a net margin of 23.50%. The business had revenue of $43.30 million during the quarter, compared to analysts’ expectations of $41.77 million. During the same quarter in the prior year, the firm earned $0.22 earnings per share. The business’s revenue was up 30.0% compared to the same quarter last year. equities analysts forecast that Rexford Industrial Realty will post 0.96 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Friday, December 29th will be given a $0.145 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.03%. Rexford Industrial Realty’s dividend payout ratio (DPR) is presently 134.89%.
Hedge funds have recently bought and sold shares of the company. Advisor Group Inc. grew its position in shares of Rexford Industrial Realty by 13.6% in the second quarter. Advisor Group Inc. now owns 3,787 shares of the real estate investment trust’s stock valued at $103,000 after purchasing an additional 453 shares in the last quarter. Victory Capital Management Inc. grew its position in Rexford Industrial Realty by 1.9% in the second quarter. Victory Capital Management Inc. now owns 3,743 shares of the real estate investment trust’s stock worth $103,000 after acquiring an additional 71 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Rexford Industrial Realty by 10.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,758 shares of the real estate investment trust’s stock worth $131,000 after acquiring an additional 469 shares during the period. GAM Holding AG grew its position in Rexford Industrial Realty by 7.5% in the second quarter. GAM Holding AG now owns 5,712 shares of the real estate investment trust’s stock worth $157,000 after acquiring an additional 400 shares during the period. Finally, Hillsdale Investment Management Inc. purchased a new position in Rexford Industrial Realty in the second quarter worth approximately $159,000. Institutional investors and hedge funds own 99.85% of the company’s stock.
Rexford Industrial Realty Company Profile
Rexford Industrial Realty, Inc is a self-administered and self-managed full-service real estate investment trust (REIT). The Company is focused on owning, operating and acquiring industrial properties in Southern California infill markets. Rexford Industrial Realty, L.P. is the operating partnership of the Company.
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